Weekly Wrap: Bitcoin, Ethereum, Ripple & EOS Price Analysis 13th Sep

Bitcoin price failed to climb above the $11,000 resistance and recently corrected lower. BTC/USD declined below the $10,500 support, but it seems like the price is holding the $9,800 support area. As long as the price is above $9,800, there could be a fresh increase.

Bitcoin Price Analysis

This week, bitcoin price recovered towards the $11,000 resistance area. However, the bulls failed to gain pace above $10,900 and the price struggled to continue higher. BTC/USD traded as high as $10,921 and recently corrected lower.

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price declined below the $10,800 and $10,650 support levels to enter a short term bearish zone. Moreover, there was a close below the $10,500 support and the 21 simple moving average (4-hours).

During the decline, the price spiked below the 50% Fib retracement level of the last upward move from the $9,346 low to $10,921 high. Moreover, the price even spiked below the $10,000 support area.

However, the bears struggled to gain pace below the $10,000 level. It seems like the $9,900 and $9,850 levels are acting as decent supports. Additionally, the 61.8% Fib retracement level of the last upward move from the $9,346 low to $10,921 high is acting as a strong support.

There is also a connecting bullish trend line forming with current support near the $9,950 level. If there is a downside break below the $10,000 and $9,900 support levels, the price could decline heavily in the near term.

The next key support is near the $9,700 level or the 76.4% Fib retracement level of the last upward move from the $9,346 low to $10,921 high.

Conversely, if the price stays above the $10,000 support, it could bounce back. An immediate resistance is near the $10,450 and $10,500 levels. A successful close above $10,500 might start a strong rise towards the $11,000 resistance.

Moreover, a break above the last swing high near $10,921 might set the pace for more upsides towards the $11,500 and $11,800 levels in the coming days.

Ethereum Price Analysis

Ethereum price remained well bid above the main $165 support area. ETH/USD stayed above the $165 and $170 levels and it managed to climb higher in the past few days.

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price broke the $175 resistance area to move into a positive zone. However, the bulls struggled to push the price above the $185 resistance area. A swing high was formed near the $187 level and recently corrected lower.

There was a break below the $182 level and the 21 simple moving average (4-hours). Moreover, the price declined below the 23.6% Fib retracement level of the last upward move from the $165 swing low to $187 swing high.

However, the $175 level acted as a support. It seems like the 50% Fib retracement level of the last upward move from the $165 swing low to $187 swing high is acting as a support.

More importantly, the price is trading inside a breakout pattern with resistance near $183 on the same chart. If there is an upside break above the $183 level, the bulls could attempt to surpass the $185 and $187 resistance levels.

A convincing close above $187 might set the pace for a push towards the $195 and $200 levels. Conversely, if there is a downside break below the $178 support, there are chances of a fresh decline.

The next key support is near the $170 level or the 76.4% Fib retracement level of the last upward move from the $165 swing low to $187 swing high. The main support is still near the $165 level, below which Ethereum price could decline towards $155.

Ripple Price Analysis

Ripple price struggled to recover in the past few days and remained well below the $0.2800 level against the US Dollar. The XRP/USD pair declined and revisited the main $0.2500 support area on a few occasions.

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price remained well bid near the $0.2500 level, but it also remained well below the 21 simple moving average (4-hours).

The last swing low was formed near $0.2451 and the price is currently consolidating losses. It broke the 23.6% Fib retracement level of the last decline from the $0.2809 high to $0.2451 low.

However, the upward move is facing hurdles near the $0.2620, $0.2640 and $0.2650 levels. There is also a crucial bearish trend line forming with resistance near the $0.2650 level. Additionally, the 50% Fib retracement level of the last decline from the $0.2809 high to $0.2451 low is acting as a hurdle.

Therefore, an upside break above the $0.2640 and $0.2650 levels is needed for more gains in the coming sessions. The next key resistance above $0.2650 is near the $0.2800 zone.

On the downside, an immediate support is near the $0.2550 level. The main support for ripple is near the $0.2500 area, below which there are chances of a strong decline towards $0.2200.

EOS Price Analysis

EOS price tested the $3.000 and $3.100 levels on a few occasions against the US Dollar. However, the bears failed to gain traction and the price stayed above the $3.000 support area.

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as low as $3.116 recently and started a strong upward move. It broke many important resistances on the way up, including $3.250 and $3.500.

Moreover, there was a close above the $3.500 level and the 21 simple moving average (4-hours). Finally, the price broke the $3.650 and $3.800 resistance levels. A new weekly high was formed near $3.971 and the price is currently consolidating gains.

There is a breakout pattern forming with support near the $3.700 level plus the 23.6% Fib retracement level of the recent wave from the $3.116 low to $3.971 high.

If there is a downside break, the next major support is near the $3.650 level, below which the price could test the 50% Fib retracement level of the recent wave from the $3.116 low to $3.971 high at $3.540 level.

Conversely, if there is an upside break above $3.800, the price could accelerate above the $3.900 and $4.000 levels. Overall, EOS price is trading with a positive bias and it could accelerate gains in the coming sessions above $3.800.

Top Gainers

During the past 7 days, a few small cap altcoins gained traction and climbed more than 100%, including MOF, UDOO, RTH, ZNT, ZRC, JAR and MT (trading volume more than $50K). Out of these, MOF rallied around 600% and UDOO gained close to 560%.

Overall, bitcoin price is currently trading above a couple of important support levels such as $10,000 and $9,900. If there is a close below $9,800, the price could accelerate decline. If not, there are chances of a fresh increase in BTC and major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, NEO, and WTC in the coming days.